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36-694: In 1880 Carl von Thieme , a native of Erfurt who was the representative in Bavaria of his father's Thuringia insurance company, founded in Munich Münchener Rückversicherungs-Gesellschaft together with Wilhelm von Finck (co-owner of the Merck Finck & Co. bank) and Theodor von Cramer-Klett . This was followed by the founding of Allianz Versicherungs-Gesellschaft in 1890 in Berlin . Carl von Thieme

72-463: A global framework. Since adaptation to climate and environmental change is much more difficult for poorer countries, the focus of the foundation is primarily on people in the developing world. The Munich Re Art Collection's history begins with the company's founding by Carl von Thieme , who commissioned artists such as Reinhold Max Eichler and Fritz Erler to decorate the new company headquarters built on Munich's Königinstraße in 1912-13. The Collection

108-418: A standardised way of describing the company's financial performance and position so that company financial statements are understandable and comparable across international boundaries. They are particularly relevant for companies with shares or securities publicly listed. IFRS have replaced many different national accounting standards around the world but have not replaced the separate accounting standards in

144-563: A symbol of Munich. Sculptures and installations from the Munich Re Art Collection by artists such as Olafur Eliasson ( "Light Curtain" Archived 2017-02-11 at the Wayback Machine , 2002) and Roxy Paine ( "Discrepancy" Archived 2019-05-31 at the Wayback Machine , 2011) are also found in the public spaces. Artists like Angela Bulloch , Keith Sonnier and James Turrell have designed light installations for

180-540: A tool for the IASB to develop standards. It does not override the requirements of individual IFRSs. Some companies may use the Framework as a reference for selecting their accounting policies in the absence of specific IFRS requirements. The Conceptual Framework states that the primary purpose of financial information is to be useful to existing and potential investors, lenders and other creditors when making decisions about

216-453: Is a charitable organisation, which was founded by Munich Re; the foundation started its work on 7 April 2005. The foundation is equipped with a capital of €50 million and works predominantly in newly industrializing and developing countries. The main topics of the foundation are: The prime concern of the foundation is to develop solutions for people at risk. The knowledge of Munich Re's experts should therefore be translated into action. Hence,

252-738: Is one of the largest primary insurers in Germany and Europe. Founded in 1999, MEAG MUNICH ERGO AssetManagement GmbH manages the assets of Munich Re, ERGO, and external clients. Their purpose is to manage and increase investments of Munich Re and ERGO and third parties. MEAG manages Munich Re's global investments amounting to €264bn. Free float is stated to be nearly 100%, with around 236,000 shareholders (June 2019). Shareholder profile: Most shareholders are located in Germany (around 39.4%), followed by North America (24.9%), other European countries (28.8%), UK (13.4%), other countries (0.5%). Accounts prepared according to IFRS . The Munich Re Foundation

288-631: The ERGO Insurance Group . ERGO writes all types of life and health insurance and most types of property and casualty insurance. Outside Germany, ERGO is present in more than 30 countries around the world, servicing around 35 million clients. Members of the ERGO Group include the insurance subsidiaries D.A.S., DKV and Europäische Reiseversicherung AG, and the IT service provider ITERGO . With a gross premium written of about €17.8bn in 2018, ERGO

324-661: The European Union (EU) agreed that, from 1 January 2005, International Financial Reporting Standards would apply for the consolidated accounts of the EU listed companies, bringing about the introduction of IFRS to many large entities. Other countries have since followed the lead of the EU. In 2021, on the occasion of COP26 of the United Nations Framework Convention on Climate Change in Glasgow,

360-607: The International Accounting Standards Board (IASB) replaced the IASC with a remit to bring about convergence between national accounting standards through the development of global accounting standards. During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs). The IASB has continued to develop standards calling the new standards "International Financial Reporting Standards" (IFRS). In 2002,

396-545: The NSDAP and SS in 1933 and took the position as Reich Economy Minister for one year. In 1938 he became Director General of Munich Re and stayed in this position until the American military authorities relieved him of all offices at the end of the war. In February 2010, U.S. investor Warren Buffett became Munich Re's largest single shareholder. As of December 2015, he reduced his holdings to less than 3 percent. In 2018,

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432-476: The API Business Operations platform apinity from Allianz Group. The two parties did not disclose the amount. Carl von Thieme Carl von Thieme (born 30 April 1844, Erfurt – died 10 October 1924, Munich) was a German banker. His father was the director of German insurance company Thuringia . In 1880, he founded together with Wilhelm von Finck and Theodor von Cramer-Klett

468-545: The Collection also acquires works by up-and-coming artists. The offices on Berliner Strasse, designed by the architectural practice of Sauerbruch Hutton , hold regularly changing exhibitions of contemporary art. In Oct, 2019, Munich Re invested $ 250 million in NEXT Insurance Inc. in a funding round that valued the small-business insurance provider at more than $ 1 billion. In October 2022, Munich RE acquired

504-579: The German insurance company Munich Re , and in 1890 in Berlin was, with von Finck, co-founder of Allianz AG , a financial services company. Thieme was general director of Munich Re until 1922. International Financial Reporting Standards International Financial Reporting Standards , commonly called IFRS , are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute

540-564: The IFRS Foundation announced the formation of the new International Sustainability Standards Board ISSB. IFRS Standards are required or permitted in 132 jurisdictions across the world, including major countries and territories such as Australia , Brazil , Canada , Chile , the European Union , GCC countries , Hong Kong , India , Israel , Malaysia , Pakistan , Philippines , Russia , Singapore , South Africa , South Korea , Taiwan , and Turkey . To assess progress towards

576-508: The SEC announced that it expected separate US GAAP to continue for the foreseeable future but sought to encourage further work to align the two standards. IFRS is sometimes described as principles-based, as opposed to a rules-based approach in US GAAP; so in US GAAP there is more instruction in the application of standards to specific examples and industries. The Conceptual Framework serves as

612-698: The Securities and Exchange Commission (SEC) issued a report setting out observations on a potential adoption of IFRS in the United States. This included the following criticisms: IASB staff have responded to these observations and concluded that there were no insurmountable obstacles for the adoption of IFRS by the United States. In 2013 IASB member Philippe Danjou listed ten common criticisms of IFRS. He sought to counter these, describing them as misconceptions Charles Lee, professor of accounting at Stanford Graduate School of Business, has also criticised

648-460: The United States where U.S. GAAP is applied. The International Accounting Standards Committee (IASC) was established in June 1973 by accountancy bodies representing ten countries. It devised and published International Accounting Standards (IAS), interpretations and a conceptual framework. These were looked to by many national accounting standard-setters in developing national standards. In 2001,

684-608: The company's shareholders' equity amounted to €26.5 billion. The group's premium income for the year (gross premiums written) was €49.1 billion, with its consolidated result amounting to €2,275 million. Besides its reinsurance business, the Munich Re Group also transacts primary insurance business through the ERGO Group and, since 1999, asset management through MEAG (MUNICH ERGO AssetManagement GmbH). Munich Re has clients (insurance companies) worldwide. It assures part of

720-528: The elements of financial statements to be: An item is recognized in the financial statements when: In some cases specific standards add additional conditions before recognition is possible or prohibit recognition altogether. An example is the recognition of internally generated brands, mastheads , publishing titles, customer lists and items similar in substance, for which recognition is prohibited by IAS 38. In addition research and development expenses can only be recognised as an intangible asset if they cross

756-497: The extensive network of underground passages that link the company's buildings in Schwabing, Munich . The Collection, which now comprises more than 3,000 works, is being constantly enlarged and is displayed in the company's Munich offices. Employees can also borrow art works from the Collection to display in their offices. In addition to internationally famous artists such as Jenny Holzer , Andy Hope 1930 and Wolfgang Tillmans ,

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792-486: The financing of the entity and exercising rights to vote on, or otherwise influence, management's actions that affect the use of the entity's economic resources. Users base their expectations of returns on their assessment of: The Conceptual Framework for Financial Reporting defines the fundamental qualitative characteristics of financial information to be: The Framework also describes the following enhancing qualitative characteristics: The Conceptual Framework defines

828-621: The following concepts of capital maintenance: Most entities adopt a financial concept of capital maintenance. However, the Conceptual Framework does not prescribe any model of capital maintenance. IFRS financial statements consist of: Comparative information is required for the prior reporting period. The following are the general features in IFRS: Cash flow statements in IFRS are presented as follows: In 2012, staff of

864-462: The goal of a single set of global accounting standards, the IFRS Foundation has developed and posted profiles about the use of IFRS Standards in individual jurisdictions. These are based on information from various sources. The starting point was the responses provided by standard-setting and other relevant bodies to a survey that the IFRS Foundation conducted. As of August 2019, profiles are completed for 166 jurisdictions, with 166 jurisdictions requiring

900-605: The insurance companies. At the same time Munich Re could acquire several properties owned by Jews at prices below the market rate. Starting from 1940 the company was involved in Allianz ' insurance business with the SS : Munich Re served as reinsurance company for contracts insuring the barracks and operations in the concentration and extermination camps Auschwitz , Buchenwald , Dachau , Neuengamme , Ravensbrück , Sachsenhausen and Stutthof . Supervisory board member Kurt Schmitt joined

936-533: The overall cost of the international standard; he argues that the enforcement of the standards could be lax, and the regional differences in accounting could become obscured behind a label. He also expressed concerns about the fair value emphasis of IFRS and the influence of accountants from non- common-law regions, where losses have been recognised in a less timely manner. US Generally Accepted Accounting Principles , commonly called US GAAP, remains separate from IFRS. The Securities Exchange Committee (SEC) requires

972-464: The quality of information. Companies are also expected to benefit, as investors will be more willing to provide financing. Companies that have high levels of international activities are among the group that would benefit from a switch to IFRS Standards. Companies that are involved in foreign activities and investing benefit from the switch due to the increased comparability of a set accounting standard. However, Ray J. Ball has expressed some scepticism of

1008-501: The risk covered by these insurance companies, as well as providing comprehensive advice on insurance business. In addition to its Munich head office, Munich Re has more than 50 Business Units around the world. Munich Re provides reinsurance cover for life, health, property, casualty, transport, aviation, space, fire and engineering business. In 2018, gross premiums written in the reinsurance segment amounted to around €31.3bn. Munich Re's primary insurance operations are mainly concentrated in

1044-627: The threshold of being classified as 'development cost'. Whilst the standard on provisions, IAS 37, prohibits the recognition of a provision for contingent liabilities, this prohibition is not applicable to the accounting for contingent liabilities in a business combination. In that case the acquirer shall recognise a contingent liability even if it is not probable that an outflow of resources embodying economic benefits will be required. Concepts of capital maintenance are important as only income earned in excess of amounts needed to maintain capital may be regarded as profit. The Conceptual Framework describes

1080-588: The time IFRS is introduced, it is unclear whether IFRS mandate adoption is the sole reason for observed market effects. Firms' reporting incentives, law enforcement, and increased comparability of financial reports can also explain the effects. The adoption of IFRS in the European Union is a special case because it is an element of wider reforms aiming to consolidate the economies of member countries. One study reports positive market effects for companies adopting IFRS, but these positive effects occurred even before

1116-452: The use of IFRS Standards. Due to the difficulty of maintaining up-to-date information in individual jurisdictions, three sources of information on current worldwide IFRS adoption are recommended: Ray J. Ball described the expectation by the European Union and others that IFRS adoption worldwide would be beneficial to investors and other users of financial statements, by reducing the costs of comparing investment opportunities and increasing

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1152-614: The use of US GAAP by domestic companies with listed securities and does not permit them to use IFRS; US GAAP is also used by some companies in Japan and the rest of the world. In 2002 IASB and the Financial Accounting Standards Board (FASB), the body supporting US GAAP, announced a programme known as the Norwalk Agreement that aimed at eliminating differences between IFRS and US GAAP. In 2012

1188-446: The use of fair values in financial reporting. In 2019, H David Sherman and S David Young criticised the current state of financial reporting under IFRS and US GAAP:- Many researchers have studied the effects of IFRS adoption, but results are unclear. For example, one study used data from 26 countries to study the economic consequences of mandatory IFRS adoption. It showed that, on average, even though market liquidity increases around

1224-423: The working motto of the foundation is 'Munich Re Foundation – from knowledge to action'. The main activities of the foundation concentrate on four fields: knowledge accumulation and implementation, clarification and sensitisation, networking of experts as well as direct help and support of local projects. The foundation works with local, national as well as international partners. The majority of projects fit within

1260-460: Was geared to modern art, which from the outset has been successively expanded over the decades with works by important artists. It includes works by Rudolf Belling , Barbara Hepworth , Rupprecht Geiger ("Concave rounded", 1973), Norbert Kricke and Joseph Beuys . Purchases for the Collection increased from the mid-1990s. The Walking Man by Jonathan Borofsky has stood outside a Munich Re building on Leopoldstraße since 1995 and has since become

1296-583: Was head of Munich Re until 1921, and Wilhelm von Finck served as Chairman of the supervisory board until 1924. Munich Re became renowned after the San Francisco earthquake of 1906 as the only insurer that remained solvent after paying out all the claims, a total of 15.5 million Marks . During the Nazi dictatorship Munich Re benefited from anti-Semitic persecution . Jewish customers had to cancel their life insurances prematurely leading to huge profits for

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